Life insurance giant Insular Life Assurance Co. Ltd. will buy the Philippine business of Italy-based Generali Life as part of an expansion plan seen to broaden its services in the country.

In a statement on Wednesday night, InLife said it had agreed to acquire 100 percent of Generali’s stake in Generali Life Assurance Philippines Inc. The deal will be finalized in the first half of 2025.

According to InLife, its takeover of the Italian insurance company will bring “key business synergies, reinforce distribution strength and expand the company’s end-to-end corporate product suite.”